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Blog 09.02.2021

Building Back Better: A Sovereign & Sustainable Europe

Exceptional times put us in front of exceptional opportunities. The connected world as we know it, is shaking at the face of the continuing pandemic. But there are also other underlying factors driving the change in global businesses and their supply chains. The future conditions of global trade directions are very much on the move – in the big picture we are discussing whether there is going to be continued globalisation, bifurcation or localization, and in what extent?
Author
Pekka Sivonen

Head of European Collaboration
Business Finland

And what will be Europe´s role in international trade when the blocks between U.S. and China keep on colliding even under new administration in Washington? Are we just going to sit on the fench watching tectonic plates moving or are we going to step up as Europeans to have an active role in defining our own destinies?

These questions are part of the larger discussion of the concept and discussion about the future of European Industrial, Digital and Technological Sovereignty and Finland´s role in implementing it. The same applies to European Sustainability agenda and the European Green Deal as a vehicle to realize it. Humanity is in trouble, and it takes a few Finns to solve the situation.

And these changes happen to happen in concerto with The European Recovery and Resilience Facility that will make €672.5 billion in loans and grants available to support reforms and investments undertaken by Member States. The aim is to mitigate the economic and social impact of the coronavirus pandemic and jump-start European economies and societies into more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.

In addition to the Recovery Fund, new multi-year Horizon Europe program has been launched to revitalize Research and Innovation activities cross Europe with €95 billion. To summarize the effects of all of the above in a nutshell, Europe will be reborn in next few years. Us Finns will be the ones playing a role bigger than our size in architecting and implementing it. Especially in the case that we continue investing in talent creation and novel innovations the way we are known to invest. And use the exceptional additional funding that Europe has to offer.

The demand for new ideas, technologies and approaches that Finns can provide to the European and global needs has never been bigger. To illustrate this, Business Finland Future Watch has produced two comprehensive studies regarding European Sovereignity and Global Supply Chains in Asia. They provide valuable reading for those who want to understand where the world, Europe and businesses are heading after the crisis.